FMCG major HUl on Friday said it has signed an agreement to divest 50 per cent stake in joint venture Kimberly-Clark lever Pvt ltd (KCll) to its partner Kimberly-Clark Cooperation(KCC). KCll, which is into baby and feminine care business via its brand Huggies and Kotex, is a 22-year old 50:50 joint venture between Hindustan Unilever ltd (HUl) and US- based KCC.
The company has signed an agreement for divestment of its 50 per cent shareholding in KCll, in favour of KCC, HUl said in a BSE filing. Accordingly, KCll would cease to be a joint venture of HUl. The company said the decision to divest its stake in the partnership is part of the company's objective to focus on its core business.